Vantage PointThe budgets and the personnel devoted to the generation of customer insight are shrinking, putting more pressure on market research functions to deliver value supportive of business priorities. I am watching multiple companies question the value of their entire market research function, striving to define stronger accountability and looking for ways to change the traditional model. This is our wake-up call!
The industry spends a lot on market research, but I'd argue we aren't getting enough for those expenditures. We need to do a better job of challenging whether there is a direct link between the key business issues and the need for incremental insight. There are a handful of questions that can guide researchers to wisely invest their scarce resources:
- What is the specific business problem motivating the market research?
- What do we already know?
- Is there existing insight that addresses our question?
- Can we leverage secondary data?
- How will additional research change the decision we would make today?
Maximizing the value of market research requires us to seek a higher standard, demonstrating every day that we are valued partners contributing to solving the critical business problems facing our organizations.
Amy Marta is a principal with ZS Associates